The Rivian R1T is finally ready to be driven, and our colleagues at InsideEVs were thrilled to test it. Their overall impression was that this is “the ultimate electric adventure vehicle” and reviews from all other outlets had similar conclusions. Everything with the electric truck seems to be spot on, however, the situation is not the same behind the curtains where the automaker is apparently experiencing serious financial problems.
Last week, the company filed an Initial Public Offering with the US Securities and Exchange Commission with a placeholder price of $100 million, though this number will change when terms of the share sale are set. Meanwhile, Automotive News reports, 48,390 customers have already put down a refundable deposit of $1,000 for either the R1T and R1S electric models of the brand. And that’s about the good part of the picture.
The filing also reveals that the Amazon-backed manufacturer lost $994 million during the first six months of the year. For comparison, in the same period last year, Rivian registered a deficit of $377 million, the filing also reveals. As of June 30, the company had approximately $3.7 billion in cash and other cash equivalents to finance its operations. It’s currently generating very small revenues from selling products.
The filing also unhides details about Rivian’s relationship with Amazon, and the automaker will have to deliver 100,000 last-mile trucks to the e-commerce firm by 2030, the first 10,000 of which should be delivered this year. Amazon will have exclusive rights to Rivian’s electric delivery vehicles for four years with the option for the right of first refusal for two years after that.
Gallery: Rivian R1T
“Rivian exists to create products and services that help our planet transition to carbon-neutral energy and transportation,” Rivian's CEO, Robert Scaringe, wrote in a letter to prospective investors in the company. “I hope you’ll join us in our journey to help drive the future of transportation.”
Check out the source link below for more details from Rivian's IPO filing.